Real-World Assets · Review
ActiveUsual USD0 Review 2026: T-Bill Stablecoin With Revenue Sharing
Usual is an Ethereum-based protocol whose USD0 stablecoin is backed by tokenized US Treasury bills, with revenue shared with users through the USUAL token. Its model differs from standard fiat stablecoins, but stablecoin and smart-contract risks still apply.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.0/10
Good
Our verdict on Usual USD0
7.0/10Usual USD0 suits DeFi users who want a Treasury-backed stablecoin and are comfortable with a protocol that shares revenue through a governance token. Its main strengths are the T-Bill collateral, the five audit firms listed on the homepage and a clear ownership pitch. The main caveats are smart-contract and counterparty risk, the 4-year bUSD0 lock-up, and fees and live yields that are not shown publicly. Check the current figures and terms in the app before depositing.
Score breakdown
How Usual USD0 scores
- Security
- 7.0/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- n/a
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Usual USD0?
Usual is a DeFi protocol built around USD0, a stablecoin that the homepage says aggregates tokenized US Treasury bills. DefiLlama files it under RWA and lists it on Ethereum, with about $82.6 million in TVL and a listing date of July 2024.
The pitch is about ownership. Usual argues that stablecoin issuers keep most of the value their reserves generate, and that many token models favor insiders. Its answer is the USUAL token, which is meant to route protocol value back to users and TVL providers.
The product set includes USD0 for stability, bUSD0 for staking-style yield and USUAL for governance and revenue-sharing. Further products are marked as coming soon. The homepage lists audit partners Paladin, Halborn, Spearbit, Cantina and Sherlock.
How Usual USD0 works
Usual issues USD0, a stablecoin backed by tokenized US Treasury bills. Rather than holding bank deposits, the protocol aggregates several T-Bill tokens as collateral. The homepage describes the design as permissionless and bankruptcy-remote, and unlinked to traditional bank deposits.
Value created by the protocol is shared through the USUAL token. The homepage says 90% of value goes back to users, and describes USUAL as the governance and revenue-sharing token. Part of protocol revenue also funds an insurance fund intended to protect holders in a systemic crisis.
Users who want yield can use bUSD0, a liquid staking version of USD0 with a 4-year lock-up. The homepage describes it as a savings account for Real-World Assets. Yield optimizer, fixed rates and fixed terms products are listed as coming soon.
6 features
Key features
01
T-Bill-backed stablecoin
USD0 aggregates various US Treasury Bill tokens and is described as backed 1:1 and fully collateralized by short-term T-Bills.
02
bUSD0 staking token
bUSD0 is a liquid staking version of USD0, framed as a savings account for Real-World Assets with a 4-year lock-up.
03
USUAL revenue sharing
USUAL is described as the governance and revenue-sharing token. The homepage says 90% of value goes back to users.
04
Insurance fund
The homepage says an insurance fund, financed by protocol revenue, is meant to shield holders in a systemic crisis.
05
Composable token
USD0 is described as transferable and permissionless, and designed to integrate into DeFi and CeFi.
06
Planned products
The homepage lists a yield optimizer, fixed rates and fixed terms as coming soon.
Pros and cons
What we like
- USD0 is described as fully collateralized by diversified short-term T-Bills.
- Several security firms are listed as auditors on the homepage, and DefiLlama lists two audits.
- The USUAL token is designed to share protocol revenue with users, with 90% of value going back to them per the homepage.
- An insurance fund financed by protocol revenue is intended to protect holders in a systemic crisis.
- USD0 is described as permissionless and composable across DeFi and CeFi.
- TVL of roughly $82.6 million shows meaningful usage, with a small 7-day change of -0.5%.
Watch out for
- Smart-contract risk applies, even with audits listed, because USD0 and bUSD0 depend on onchain code.
- bUSD0 has a 4-year lock-up per the homepage, which limits liquidity for anyone who stakes.
- Backing relies on tokenized T-Bill issuers and their legal and custodial structures, which adds counterparty risk beyond the protocol.
- Fees, redemption terms and live APY figures are not shown; the homepage numbers load dynamically.
- Yield optimizer, fixed rates and fixed terms are listed as coming soon, so they are not yet available.
- The revenue-sharing token model adds governance and token-price exposure that a plain stablecoin holder may not want.
Usual USD0 fees
Fees are not published. The homepage does not list mint, redeem or staking fees in the text provided, and the APY figures load dynamically.
The homepage says protocol revenue is redistributed to users, with 90% of value going back to them. Users should check the app and documentation for current fees, redemption conditions and yield figures before depositing. Ethereum gas costs also apply to onchain transactions.
Is Usual USD0 safe?
The homepage lists audits by Paladin, Halborn, Spearbit, Cantina and Sherlock, and DefiLlama lists two audits. Audits reduce but do not remove smart-contract risk, and the project does not include audit scopes or findings. Public sources also do not mention any hacks or incidents, but they do not rule them out.
USD0 relies on tokenized T-Bills held through third-party issuers, so collateral quality, custody and legal structure matter. Users also face peg risk, and the bUSD0 4-year lock-up adds liquidity risk. The insurance fund is described as protection in a systemic crisis, but its size and payout rules are not public. Regulatory treatment of stablecoins and RWA products varies by country, so check what applies where you live.
6 steps
How to get started with Usual USD0
- 1
Read the documentation, whitepaper and transparency pages on the official site to understand how USD0 is minted and redeemed.
- 2
Check the current collateralization, TVL and APY figures in the app, and the audit reports listed on the homepage.
- 3
Connect an Ethereum wallet to the official app, after confirming you are on the correct address.
- 4
Decide whether you want plain USD0 or the locked bUSD0, and note the 4-year lock-up before staking.
- 5
Start with a small amount and keep some ETH for gas fees.
- 6
Review how USUAL rewards and governance work if you plan to hold the token.
Who Usual USD0 is for
Usual is aimed at DeFi users who want a stablecoin backed by tokenized Treasury bills and who are interested in governance and revenue-sharing through USUAL. It is less suitable for people who need immediate liquidity on staked funds, or who want a simple fiat-backed stablecoin without protocol-token exposure.
Usual USD0 FAQs
What is Usual USD0?
USD0 is a stablecoin issued by the Usual protocol. According to the homepage, it aggregates various US Treasury Bill tokens and is described as backed 1:1 and fully collateralized by short-term T-Bills.
What is bUSD0?
bUSD0 is a liquid staking version of USD0 that the homepage describes as acting like a savings account for Real-World Assets, with a 4-year lock-up. Check the app for the current terms before staking.
What is the USUAL token for?
USUAL is the protocol's token, used for governance and revenue-sharing according to the homepage. It is meant to pass value generated by the protocol back to users and TVL providers.
Is USD0 safe?
No stablecoin is risk-free. The homepage lists audits by Paladin, Halborn, Spearbit, Cantina and Sherlock, and mentions an insurance fund financed by protocol revenue. Risks remain in smart contracts, the underlying T-Bill tokens, and market confidence in the peg.
Which blockchain does Usual run on?
DefiLlama lists Usual USD0 on Ethereum only, although the homepage describes Usual as multi-chain infrastructure. Check the app for the networks currently supported.
What yield does Usual offer?
The homepage shows staking and locking APY figures, but they load dynamically and are not included. Any yield can change, so read the current figures in the app.
Compare
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How we checked
Sources
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